Remington Makes Discovery at Eugene Island

Remington has recently made a discovery at its Eugene Island 397 A-6 exploratory well in the Gulf of Mexico. The A-6 well encountered new reserves in multiple zones. This well is presently being completed, and production is expected to commence this month.

The Brookshire #1 well, located in South Texas Vicksburg Trend, has logged potential gas bearing sand pays in the initial exploratory well. Production casing has been run, and completion operations are underway. Initial production is expected this month with additional drilling on this prospect planned to begin in January 2003. The Blossman #1 well located in South Texas has logged pays, and casing has been run. Completion operations will commence soon with production anticipated in early 2003.